Tom Bushnell in Law360 on changes to FCA disclosure in enforcement proceedings

Hickman & Rose barrister Tom Bushnell has been quoted in a Law360 article on the FCA’s recently announced changes to evidence disclosure in enforcement proceedings.

Earlier this month the financial regulator announced it would disclose to defence teams any material relevant to an enforcement investigation – not just documents that could assist or undermine its case.

Tom Bushnell told Law360 that this change could benefit defendants by helping them build a fuller picture of the FCA case against them.

“In document-heavy matters – and those in which recollections have faded – the ability to marshal all the relevant evidence can prove crucial in allowing the target of enforcement action to fully understand what took place, and thereby provide a cogent response to allegations”, Tom said.

“Sometimes key documents or communications can only be properly understood by reference to context provided by another.”

Tom, who specialises in regulatory defence matters, went on to warn that the new approach is not without pitfalls for the FCA, whose investigators, he said, “will need to guard against forgetting to look for material which undermines its cases.

“If it does fall into this trap, it may find itself taking action against individuals and firms who don’t deserve it; and losing more cases as a result.“

The Law360 article is available to subscribers here. Tom’s recent blog on the issue is here.